Grupo Madero

What Grupo Madero does

Grupo Madero (legal entity MADERO INDÚSTRIA E COMÉRCIO S.A.) is a Brazilian multi-brand restaurant company headquartered in Curitiba, Paraná, founded in 2005 by Chef Junior Durski. It operates 355 restaurants across 283 multi-brand operations (as of March 31, 2026) in 18 Brazilian states and, since 2026, Paraguay. The portfolio spans full-service (Madero Steak House, ~574 sqm, 154 seats), fast-casual (Madero Container, ~358 sqm, 103 seats; Jeronimo Burger and Jeronimo Track with drive-thru, ~395 sqm, 103 seats), fine dining (Durski), highway gastronomic complexes (Ecoparada Madero), and chicken-focused Dundee Chicken & Burgers. A hybrid Madero & Jeronimo format was introduced in 2024 and Jeronimo dark kitchens were deployed within Madero Steak House locations in 2025 to expand delivery coverage.

The company's competitive core is a vertically integrated production and distribution platform centered on the Central Kitchen in Ponta Grossa, Paraná — a 32,408 sqm facility on ~80,000 sqm of land with four production plants (Meat Processing, Sauces and Desserts, Sausages and Smoked Products, Burgers and Bakery), a robotic distribution center, and a dry goods warehouse. The Central Kitchen produces over 96% of food served across the network, with monthly capacity of 5.7 million buns and 9.0 million hamburgers, and is supported by a fleet of 60+ refrigerated trucks. The proprietary technology stack includes Kitchen Display Systems (KDS) delivering step-by-step cooking instructions guided by Chef Junior's methods, point-of-sale via tablets and kiosks, centralized video monitoring with 14+ cameras per restaurant, and a multi-brand proprietary delivery and loyalty app. An organic farm partnership ("Madero Farm") supplies 100% organic produce (tomatoes, lettuce) used in restaurants. Most restaurants built since end-2018 are LEED-certified, making Grupo Madero the operator of the most LEED-certified restaurants in Latin America in 2019, 2021, and 2022.

The business model is predominantly direct-to-consumer through company-owned restaurants, complemented by a franchise model and ancillary revenue from Central Kitchen sales, royalties, delivery, and the Madero Cashback loyalty program launched in 2019. Reported FY2023 net operating revenue was R$1,708.1 million (up from R$1,482.9M in 2022 and R$1,146.2M in 2021), with Adjusted EBITDA of R$425.3 million at a 24.9% margin. Delivery represented approximately 14.8% of gross restaurant revenue in 2023 via the proprietary app and third-party aggregators. Ownership is concentrated: Founder/CEO Luiz Renato Durski Junior holds 59.97% and Carlyle Group (via Madrid FIP) holds 34.40%, with a board seat; the company registered as a publicly-held company with the CVM in November 2021, and operates with approximately 7,105 employees including ~600 at the Central Kitchen.

Name

Grupo Madero

Legal name

MADERO INDÚSTRIA E COMÉRCIO S.A.

Website

https://grupomadero.com.br

Company type

Public

Founded year

2005

Operating status

Operating

Headcount range

5,001–10,000 employees

Short description

Grupo Madero is a vertically integrated Brazilian multi-brand restaurant company operating 355 locations across Madero Steak House, Madero Container, Jeronimo, Ecoparada, and Durski formats in 18 Brazilian states and Paraguay, with an owned Central Kitchen producing over 96% of food served.

Ownership category

akta.pro rank

Product category

Multi-brand Restaurant Operations

NAICS

Full-Service Restaurants (722511), Perishable Prepared Food Manufacturing (311991), Food Manufacturing (311)

SIC

Retail-Eating & Drinking Places (5810), Food And Kindred Products (2000), Sausages & Other Prepared Meat Products (2013)

akta.pro primary industry

Multi-Concept / Global QSR Chains (Mixed Menus) (THAFAAAO)

akta.pro secondary industries

Prepared Meat & Seafood Entrées with Sides (Complete Meals) (AFANAFAI), Refrigerated Ready-to-Eat Foods (Deli Salads, Sandwiches, Meal Kits) (CRADACAH)

Keywords

• Casual dining restaurants
• Fast-casual dining
• Centralized food production
• Restaurant delivery services
• Multi-brand restaurant operations

Headquarters

HQ city

Curitiba

HQ country

Brazil

HQ region

Latin America

Offices2 records

Markets served

GTM type

B2C

Offering type

Services

Cost components

Personnel, Operations, Supply Chain, Infrastructure, Marketing or Sales, Technology or R&D

Revenue model

1. Company-owned Restaurant Sales: Revenue from company-owned restaurants across Madero Steak House, Madero Container, Jeronimo Burger, Jeronimo Track, and Ecoparada Madero concepts. Includes dine-in, takeout, delivery, and drive-thru sales. Total net operating revenue was R$1,708.1 million in 2023.
2. Franchise Royalties: Royalty fees paid by franchisees as part of the franchise model. Included in the 'Others' segment net operating revenues.
3. Central Kitchen Sales: Food and supply production from Central Kitchen sold to franchisees and potentially third parties. Part of the 'Others' segment.
4. Delivery (Proprietary App & Third-party Platforms): Delivery revenue generated through the Grupo Madero proprietary app and integrated third-party delivery aggregator platforms. Delivery represented approximately 14.8% of gross restaurant revenue in 2023.

Pricing tiers

Go-to-market motion1 record

Distribution channels8 records

Marketing channels5 records

Core offering

Grupo Madero operates company-owned and franchised multi-brand restaurants in Brazil under the Madero Steak House (full-service), Madero Container (fast-casual), Jeronimo Burger and Jeronimo Track (technology-centric fast-casual), Ecoparada Madero (highway gastronomic complexes), Durski (fine-dining), and Dundee Chicken & Burgers brands. The portfolio is supported by an owned Central Kitchen producing over 96% of food served, a 60+ refrigerated truck distribution fleet, and a proprietary multi-brand delivery and loyalty app.

Product overview

Grupo Madero operates a multi-brand restaurant platform in Brazil with two main brands (Madero and Jeronimo) featuring distinct concepts: Madero Steak House (full-service), Madero Container (fast-casual), Jeronimo Smash Burger (fast-casual), and Jeronimo Track (drive-thru), plus the hybrid Madero & Jeronimo format. The company owns a vertically integrated production, distribution, and logistics platform centered on its Central Kitchen, which produces over 96% of food served. Additional offerings include Ecoparada Madero highway complexes, Durski fine dining, Madero Cashback loyalty program, the proprietary Grupo Madero App for multi-brand ordering and delivery, and Empanadas Madero product line. The company expanded internationally in 2026 with locations in Paraguay.

Differentiator

Problem solved

Functional benefit

Brands

• Madero Steak House: Full-service restaurant offering relaxed environment for business and families, featuring steaks, Brazilian dishes, and renowned burgers.
• Madero Container
• Jeronimo Smash Burger
• Jeronimo Track
• Madero & Jeronimo Hybrid

Quantifiable outcome

• Adjusted EBITDA of R$425.3 million in 2023 with 24.9% margin
• +5 more outcomes

Segments3 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature4 records

Partnerships

Two partnerships are on record, tiered minor and core.

• Third-party Delivery Aggregator PlatformsminorChannel Partner/ Reseller/ Distributor · 1 October 2019In October 2019, Grupo Madero began offering food delivery services through a third-party provider at select Jeronimo restaurants. As of December 31, 2023, delivery was available from all restaurants in the chain via third-party platforms. These platforms expanded the company's digital reach.
• Madero Farm (Organic Farm)coreOthersGrupo Madero owns a close relationship with an unaffiliated organic farm referred to as 'Madero Farm.' The company purchases virtually all of the farm's production, which is 100% organic, including virtually all tomatoes and lettuce served in restaurants. From 2018, production of most vegetables was centralized at this organic farm near the Central Kitchen. The farm is considered an important partner in the overall vertically integrated platform.

Scale indicators12 records

Recent moves12 records

Expansion highlights6 records

Broad incumbents

• Fogo de Chão: Brazilian-origin premium steakhouse concept now global. Comparable to Madero Steak House in origin, full-service Brazilian churrasco positioning, and international expansion path.
• Alsea: Mexico-based multi-brand restaurant operator running Starbucks, Domino's, Burger King, Vips, and other concepts across Latin America and Europe. Comparable for multi-brand restaurant portfolio management at scale and franchised operating model.
• Yum! Brands: Global QSR holding (KFC, Pizza Hut, Taco Bell, Habit Burger). Comparable for asset-light multi-brand restaurant operator model and emerging market franchise strategy that parallels Madero's growth approach.
• Restaurant Brands International: Global QSR holding company (Burger King, Tim Hortons, Popeyes, Firehouse Subs). Comparable for multi-brand QSR consolidation playbook and franchise-heavy operating model relevant to Jeronimo's growth trajectory.

Direct peers

• Habib's: Brazil's largest QSR chain by restaurant count, focused on accessible price points targeting lower-income consumers. Most direct comparable for Madero's Jeronimo brand in terms of value-oriented fast-casual positioning.
• Spoleto: Brazilian fast-casual chain focused on made-to-order pasta. Direct comparable to Madero Container/Jeronimo in terms of Brazilian fast-casual positioning, mall-based footprint, and delivery-friendly menu.
• Outback Steakhouse Brasil: Bloomin' Brands subsidiary operating 100+ full-service steakhouses in Brazil. Direct competitor to Madero Steak House with comparable premium casual dining positioning, Brazilian localization, and AUV profile.
• International Meal Company (IMC): Brazil's largest multi-brand restaurant operator running Pizza Hut, KFC, and other franchises. Most direct comparable for Madero's multi-brand, vertically integrated model in Brazil, including a public-company structure and similar restaurant portfolio mix.

Others

• Cacau Show: Brazil's largest chocolate and confectionery retail chain. Not a peer in food category, but Alanderson Meneses, Madero's Purchasing Director since January 2025, came from Cacau Show where he was Purchasing Director for 19+ years - relevant for procurement scale expertise in Brazilian consumer retail.
• BRF S.A. One of the world's largest food manufacturers with Brazilian origin. Not a direct competitor but highly relevant for Madero's Central Kitchen strategy - Laércio Brunetto, Madero's Industrial Director, came from BRF where he spent 26 years in executive roles. Comparable for large-scale food processing and logistics operations.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat6 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xx.com/maderobrasil
• Facebookfacebook.com/maderobrasil
• LinkedInlinkedin.com/company/grupo-madero
• Instagraminstagram.com/maderobrasil

Compliance5 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles16 records

Subsidiaries7 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Grupo Madero